All Forum Posts by: Samantha Gehin-Scott

Does anyone have any experience with excessively delayed appraisals? I am selling a home off market (no realtors as I know the buyer) and we signed the P&S at the beginning of September. The buyer's lender was asking for 30-40 days to close and we were set to close 10/16. Last week I received word from the buyer that the appraisal was pushed 6 weeks, but have no received confirmation of that or an updated P&S with closing date addendum. The property is located in the Lincoln, NH area. Any thoughts?

@Stetson Miller I think I knew that a MF is the way to go, but I needed it validated! Thank you so much!

@Carl Hebert thank you so much for your response!its great to hear other’s experiences!

This may be long winded so I apologize, but I am in desperate need of some advice! Thank you in advance :)

I currently live in a hot market (who doesn’t?) in southern Maine and own (I have a mortgage) a single family home that I live in. I also own (have a mortgage) on a short term rental property. My husband and I are thinking of moving north to be closer to my family for help with a new baby. Additionally, the market isn’t quite as crazy up there and there are a few untapped coastal towns with a lot of potential.

Here’s where I need help:

We currently have about $50k cash plus ~$80k worth of equity in the home we live in. We just bought the rental 3 months ago. Our plan is to purchase a primary residence since we are now eligible, but we aren’t sure what to do. Should we:

1. Buy a multi family that may be less comfortable but provide best shot at rentals

2. Buy a single family with the least amount down to do another deal

Basically my goal is to get involved in as many deals as possible while still keeping my family comfortable and not stretching ourselves too thin. Homes in the area we are moving to start around $250k for single family and $300k for multi families.

Any advice on your next move (even if I didn’t mention it) would be great! Thanks!

Hi John! Sounds really fun and exciting. Although I can't answer all your questions, I can recommend https://www.teellaw.me/ to help with partnership agreements. Elliot helped me with mine all over the phone and through email but did offer in person meetings. It cost about $300 but it was well worth it to get all the details hashed out on paper. The partnership agreement covers all of your questions and I would specifically make sure to CLEARLY outline a buy out strategy to include what to do about profit, equity, assumption of mortgages (if possible), etc. Elliot can help you with that. Good luck!

@Cameron Rockwell this is great advice, thank you for your input!

@David M. Yes that is extremely helpful. Two questions - what if the project is delayed beyond the 6-12 months or the bank delays when you got a traditional mortgage? Is this paid out like a cash pit refi? Thank you in advance!

I currently own my own and have an investment property that I use for short term rentals. Both of those were purchased with conventional 30 year loans which required a decent amount of capital. People always talk about using hard money lenders, but I’m not as educated as I’d like to be about it. Does anyone have some tips or things you must look at/consider before seeking out a hard money loan? I am located in Maine.

Are there any online meet-ups planned for the near future?

Hi Autumn,

I see that this post is 6ish months old, but I wanted to reach out because I am new to BiggerPockets forum. My husband and I live in Saco, but I went to school in Portland and spent a lot of time there! Would love to connect if you all are still interested!